Economic Development Authority of the City of Richmond, Virginia
Board Meeting
May 28, 2009
Members present:
Richard Johnson, Chair
Anne Gordon Greever, Vice-chair
Helen Alli
Dennis Ryan
Tonya Scott-Hickman
Sally Wetzler
Others present:
Dara Glass, Deputy Director of Economic Development
Bonnie Ashley, Assistant City Attorney
Alan Reese, Reese and Associates
Ben McDearmon, Economic Development Authority
I. Call to Order
The meeting was called to order at 4:12 pm in the boardroom on the eighth floor of the AdvanTech building at 501 E. Franklin Street.
II. Public Comment
No members of the public were present.
III. Approval of Minutes of the Previous Meeting
Ms. Greever moved that the minutes be adopted as drafted. Mr. Ryan seconded the motion, which carried 5-0-1, with Ms. Wetzler abstaining due to her absence at that meeting.
IV. Unfinished Business
A. EDA Staffing: Mr. Currin, Secretary of the Board, left a report recommending that the Board hire Mark Ellison to serve as Building Manager for the AdvanTech incubator based on his interviews the previous week and a subsequent inquiry with his references. The members of the Incubator Committee agreed with Mr. Currins assessment. Salary and benefits for the position still needed to be negotiated. Ms. Scott-Hickman moved to authorize Mr. Currin to extend an offer to Mr. Ellison pursuant to agreement on compensation, subject to the approval of the Incubator Committee. Ms. Alli seconded the motion, which carried unanimously.
Ms. Alli reported that the Loan Committee had decided to recommend Kevin Brown for the position of Loan Manager, based on the strength of his previous experience. Ms. Alli moved that the Board hire Mr. Brown, with salary and benefits under the parameters set in the original job description, which the Board had previously approved. Ms. Scott-Hickman seconded the motion. The Board discussed whether this was the appropriate time to extend an offer for the Loan Manager position, given the uncertainty of the status of the funding of the CARE and Extra CARE programs from the City for the previous two fiscal years. Ms. Alli reported that she had met with a representative from the Mayors office and that the Fiscal Year 2007-2008 agreements had been signed and introduced to City Council, and were awaiting action. Ms. Ashley reported that the agreements for Fiscal Year 2008-2009 had not gone through the City Attorneys office yet, and that the Board had not taken any action to submit agreements for Fiscal Year 2009-2010 to the City. Ms. Greever stated that given the relative certainty that at least one years funding would be forthcoming shortly, if Ms. Alli considered it necessary to have the Loan Manager start as soon as possible, she recommended hiring for the position immediately. Ms. Greever suggested amending the motion to extend an offer to Mr. Brown for a period of no greater than seven months, or through the end of the calendar year, with an extension to be determined within seven months by the Board per the recommendations of the Loan Committee. Ms. Alli amended her initial motion to offer employment as an at-will employee for a term not to exceed December 31, 2009. Ms. Greever seconded the amendment, which carried unanimously. The initial motion to hire Mr. Brown was put to a vote, and it carried unanimously.
B. Revolving Loan Fund Closeout: Mr. Reese reported that he had sent a letter to Paul Matyskiela at the Economic Development Administration and had a conversation with him regarding the closeout of the loan fund. Mr. Matyskiela told Mr. Reese that the Administration still required the full $600,000 as stated in their letter dated March 9, 2009 and that the only way to change that figure would be to negotiate with the collections agents or to appeal the decision. The matter was referred to Ms. Ashley to handle any legal aspects.
C. Officer Elections: Following up on a question raised at the previous months meeting regarding the election of officers for the Board, Mr. McDearmon provided the Board with copies of the by-laws, which state that officers are to be elected each January. This election was missed for the current year. The Board went member by member to allow self-nominations. Ms. Alli volunteered to serve as Assistant Secretary, a position named in the by-laws which was not previously filled. Mr. Johnson stated that he would like to remain chairman through the end of the calendar year in order to see through the business currently in progress. Ms. Greever expressed no preference but was willing to continue serving as vice-chair. Mr. Ryan and Ms. Scott-Hickman both stated that they had no extra time to devote to an officer position. Ms. Wetzler moved that the Board approve these positions effective July 1, 2009, through December 31, 2009. Ms. Scott-Hickman seconded the motion, which carried unanimously.
V. Financial Reports
A. Monthly Financial Statements: Mr. Reese reviewed the summarized financial statements prepared by his office. The Board discussed the collection of aged rents receivable by former and current tenants and the cleanup of the financial records as recommended by the auditors. Ms. Wetzler moved that the Board approve a writedown on the loans recommended by Mr. Reese per his schedule (attached) as well as a writedown of the bond income receivable and the note receivable. Ms. Alli seconded the motion, which carried unanimously.
Mr. Reese also noted that the Authority owes approximately $27,000 from the general operating account to the CARE account for a loan payoff that was incorrectly placed in the wrong account several years ago. A check will need to be written to clear this amount before the end of the year.
VI. Report of the Officers
A. Report of the Chairman: Mr. Johnson reported that he had been out of town for most of the month, and that his efforts for the month had been covered.
B. Report of the Secretary: Mr. Currin was not able to attend the meeting due to a conflict, but he had prepared a report, which was distributed to the Board members.
VII. Committee Reports
A. Executive Committee: The minutes from the meeting stand as the committees report.
B. Development Committee: The minutes from the meeting stand as the committees report.
C. Finance Committee: Ms. Wetzler reported that she needed the information she requested for the upcoming years budget as soon as possible. She also reported that she had drafted policies and procedures for all major accounting issues.
D. Incubator Committee: The minutes from the meeting stand as the committees report.
E. Loan Committee: Ms. Alli reported that the new Loan Manager will give loan reports at future Board meetings, instead of Mr. Reese.
VII. Adjournment
The meeting was adjourned at 6:53 pm.